PNS | Vijayawada
MRR Reddy, Principal Additional Director General of DG GST Intelligence in the Visakhapatnam Zone, emphasised that embracing GST Departmental Audit contributes to streamlining business operations. The process involves a meticulous review of a taxable entity’s records, returns, and documentation to ensure accurate turnover declaration, appropriate tax payments, valid refund claims, and legitimate input tax credit utilization. The primary objective is to verify compliance with GST regulations.
Speaking at the CII Visakhapatnam Seminar on GST Department Audit & Enforcement held on Friday, MRR Reddy underscored the importance of a profound understanding of GST laws in preemptively resolving potential litigations. He commended the user-friendly approach of the GST department and highlighted their proactive efforts in organizing awareness programs for businesses to comprehend challenges from multiple angles. Reddy further elaborated that under section 65 and Rule 101(3) of the GST Audit Rules, the Commissioner or an authorized Officer possesses the authority to conduct a GST audit. This audit involves a comprehensive assessment of the registered person’s ‘records’ and ‘books of account’ with the assistance of a team of officers and officials.
Providing an industry perspective on GST, P Rajesh, the Chairman & Managing Director of PBL Transport Corporation Pvt Ltd, accentuated the pivotal advantages stemming from GST Digitalization.
